Boyot, a startup located in Egypt that provides an end-to-end operating system for payments and financial services focused solely on the real estate market, has secured a six-figure pre-Seed round headed by a Kuwait-based real estate firm, and the company plans to build an office in Kuwait soon this year.
Boyot, founded in 2020 by Mahmoud El Sabongy (CEO), Khaled El Refaay (CTO), and Mohamed Sayed, allows real estate enterprises to digitize their complete payment processes, enabling them to trace the status of their customers’ payments from the time they are scheduled to settlement.
Furthermore, businesses can use current application programming interfaces (APIs) to create and market financial solutions like buy now and pay later (BNPL).
Poor cash flow management, according to CEO ElSabongy, is one of the major roadblocks to the development of small and medium businesses (SMBs) operating in Egypt’s local real estate sector.
Approximately 85% of merchants do not get their receivables in the form of checks. Rather, they send out agents to conduct cash transactions or receive money via bank transfer.
Cash collecting strategies that are irregular result in reduced margins. As merchants grow in size, the payment collection procedure becomes increasingly convoluted and difficult, leaving firms with uneven profits.
In May, the company began commercial operations for the first time. Misr Asset Management Company, the real estate arm of Misr Insurance Company, became its first corporate client immediately after.
ElSabongy says the company wants to expand its client base, hire people from both the tech and business worlds, and invest in its product technology.
As digitization keeps gaining momentum among conventional sectors, the SaaS market has seen an uptick recently.
SaaS startups generated a total of $176,350,000 across 31 agreements in the Middle East and North Africa area (Mena) last year, out of a total of $3 billion acquired by startups in Mena.